Bayfield Advisors joint venture partner Rio Can Real Estate Investment Trust (Rio Can)
Wednesday, December 1, 2010
Mr. Harold Spring, President and CEO of Bayfield Realty Advisors Inc. (Bayfield) today announced that together with its joint venture partner Rio Can Real Estate Investment Trust (Rio Can) it has completed the acquisition of a 59 acre property in the Mill Woods community of Edmonton, Alberta for the price of $94,600,000. The property is comprised of Mill Woods Town Centre, a prominently located 537,161 SF enclosed regional shopping centre, a 98% leased 48,095 SF medical office building and approximately 6 acres of vacant land for future development. The shopping centre which was built in 1989, is anchored by Zellers, Canadian Tire and Safeway. Bayfield will own a 100% interest in the office building. Rio Can will manage and lease the shopping centre for the partnership and Bayfield will act as asset manager.